The bulls, institutions, and market participants have become highly optimistic about the crypto markets, and as a result, the tokens have begun their journey to their highs. After the Bitcoin price rally, the altcoins were expected to take over some momentum. However, popular altcoins like Stellar (XLM), Algorand (ALGO), and Avalanche (AVAX) have woken up from the prolonged consolidation and printed massive bullish candles. With this, the possibility of the start of a strong Altseason has emerged, which could take the crypto markets to new highs.
The price remained under acute bearish influence ever since the bear market kicked off after marking the peak of the 2021 bull run. The 2023 push, which elevated most of the cryptos, including Bitcoin, also failed to trigger the XLM price rally, which remained below $0.15 until the beginning of the month. However, the token experienced a huge influx of volume that increased from around $300M to as high as $5.85B, which has elevated the levels by over 400% since the start of the month.
The XLM price has triggered a huge upswing, which has not been witnessed in history. The volume has reached the 2021 bull run levels and hence a new ATH above $1 is expected to occur shortly. However, the RSI displayed a steep rise that suggests the token could be primed for a quick pullback below $0.4, which may exhaust the sellers. However, the XLM price is primed to revamp a strong rise and mark $1 very soon.
The latest price action has placed the Algorand price at the foothill of a massive explosion. The price is testing the 2023 & 2024 highs and a rise above the range is believed to kick-start a fresh upswing testing the levels not visited since 2022. However, the first target of the rally could be to reach $1, which may happen once the ALGO price secures above the interim resistance during the weekly close.
As seen in the above chart, the ALGO price underwent a steep rise to reach the neckline of the double-bottom pattern. Besides, the volume has surged above the 2021 bull run levels, which has shaken the volatility, helping the price to keep up the trend. Besides, the Ichimoku cloud is about to make a shift from bearish to bullish, which may assist the price to rise and reach $1 in the coming days.
The Avalanche prices had maintained decent volatility levels since the start of the year and as a result, the bulls and bears were pretty active. Although the volume was below the average, the rise in the trading activity displayed an increased vigilance over the token. Now that the levels have broken above the range, the question arises as to whether the AVAX price surpasses the previous ATH in the upcoming bull run.
The AVAX price just witnessed a huge Golden Cross, which is believed to have pushed the prices from the consolidation zone around $35 to as high as $44. However, the bulls seem to have fallen short of strength at the pivotal resistance just above $44 but they could make it to the upper zone between $49.08 and $50.51 during the weekend push. Once the levels settle above the range, the Avalanche price could aim to maintain a strong ascending trend to mark a new ATH above a 3-digit figure.
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